First HoldCo Plc has reported a pre-tax profit of N321.12 billion for the first quarter of 2026, up 72.20% from N186.48 billion in the same period of 2025.
Profit after tax rose to N267.80 billion, compared to N171.10 billion in Q1 2025. Earnings per share increased to N6.00 from N4.72.
The company said the result was supported by higher interest and non-interest income.
Interest income stood at N704.45 billion, while interest expense was N265.70 billion. Net interest income rose to N438.76 billion.
After impairment charges of N40.35 billion, net interest income stood at N398.40 billion.
Net fee and commission income increased to N78.91 billion. Other operating income rose to N43.17 billion.
Foreign exchange gains dropped to N4.41 billion from N80.48 billion in Q1 2025.
Operating profit was N320.03 billion, while profit before tax was N321.12 billion.
The company’s total assets stood at N26.88 trillion, down 1.37% from the previous period. Loans and advances to customers rose to N9.44 trillion.
Customer deposits stood at N18.38 trillion, while shareholders’ funds rose to N3.47 trillion.
Interest income from loans and advances to banks and customers accounted for most of the total interest income. Income from investment securities declined as the portfolio reduced to N6.58 trillion from N6.97 trillion.
Interest expense on customer deposits rose to N194.11 billion, up 24% year on year.
Net gains on the sale of investment securities rose to N46.57 billion from N136 million in Q1 2025. The company also recorded a gain of N45.28 billion from financial instruments at fair value through profit or loss, compared to a loss in the same period last year.
Personnel expenses increased to N89.27 billion, while other operating expenses rose to N187.67 billion.
Despite higher costs, the company said operating income growth supported higher profit.
Group Managing Director Wale Oyedeji said 2025 was a defining year for the company.
He said the Group focused on balance sheet restructuring and risk management, including provisions for impaired and non-performing loans after changes in the regulatory environment.
According to him, the measures were taken to improve transparency, asset quality and long-term earnings stability.
Mr Oyedeji said the Group also continued its capital raising programme to meet regulatory requirements, with N128.7 billion already raised out of a N350 billion plan.
He said the Group would continue to focus on earnings quality, capital strength, efficiency and expansion of non-banking businesses.
The company also reported gross earnings of N3.44 trillion for the year ended December 31, 2025, up from N3.21 trillion in 2024. Profit after tax fell to N139.5 billion from N674.1 billion due to higher impairment charges and operating costs.
